ClearOne, last week, reported financial results for the first quarter that ended March 31, 2010. Revenue for the 2010 first quarter increased to $8.4 million from $7.6 million in the same quarter of last year and gross profit grew to $5.2 million, or 62 percent of revenue, from $4.1 million, or 53 percent of revenue, for the prior year period, primarily due to reduction in inventory write-offs and obsolescence. Operating income was $457,000 compared with $430,000 in the same period of fiscal 2009. Net income was $217,000, or $0.02 per diluted share, compared with $360,000, or $0.04 per diluted share.  All in all, a good report from them!
“In the 2010 first quarter, revenue increased primarily due to the addition of NetStreams products to our portfolio, new product introductions and the continued rise in sales of our personal products,” said Zee Hakimoglu, president, chief executive officer and chairman of ClearOne. “Operating expenses increased as we continued to make investments in both NetStreams sales channel and product development. We reduced general and administrative (G&A) expenses, if the reversal of contingent liabilities is excluded from G&A expenses in last year’s first quarter, largely due to lower legal costs. Furthermore, we trimmed long-term inventory levels by more than $1.0 million and our cash position remained strong at $9.4 million, even after repaying $2 million of debt assumed as part of the NetStreams acquisition.”

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